Quote from: cicada on August 09, 2011, 03:09:50 PM

Quote from: deuxmill on August 09, 2011, 02:49:47 PM

I don't get it.

So you are saying that i should put my money in a brick and mortar Bank , because it can keep them safe and then you tell because i can't defend against navy seals?

There is only one important advantage that keeps all my money in banks.

FDIC insurance.

If someone at the bank fucks up, it gets robbed, burns down, etc, I keep all my money.

Networked banks (chains) even more so, since no single bank actually has my specific stack of money. Unless all the banks in the chain burn down my money is relatively safe.*

* this probably isn't entirely true - a failure of the bank's database + backups could potentially wipe out my stack of money. Your home is probably considerably less immune to fires, etc.

My bitcoins are completely secure. They are encrypted with an unbreakable password. They are backed up in many places globally. The only way to take my bitcoins would be under duress and even then you would only get my small stash. Nothing comes even close to the security of bitcoins.